- Mudrex secures regulatory approval for Italian operations, expanding globally despite Indian crypto challenges.
- Mudrex’s unique index investing options and thematic indexes cater to cryptocurrency investors with just one million users.
- The company’s EU presence surged from 5,000 to 17,000 users while pursuing Italian registration, opening new opportunities.
Mudrex, an Indian cryptocurrency investment platform, has achieved regulatory approval for its operations in Italy, as confirmed by CEO and co-founder Edul Patel during a recent interview on Friday. This international expansion by Mudrex, headquartered in Bengaluru, stands out as an unusual move for Indian companies, given the challenges posed by high taxation and the previous global cryptocurrency downturn. What’s even more exceptional is the unveiling of their ambitious strategy for global growth, shared here for the first time. Patel stated, “We have allocated a significant portion of our team to focus on expanding our presence in the international market.”
Moreover, Patel mentioned that Mudrex has initiated the regulatory approval procedure to commence operations in the United Kingdom.
Mudrex received approval for its registration with Italy’s Organismo Agenti e Mediatori (OAM), a necessary procedure for cryptocurrency firms, on September 1, 2023. The OAM serves as the domestic legal entity responsible for maintaining lists of financial agents operating within the nation, ensuring compliance with anti-money laundering regulations. Patel explained, “We intentionally allowed some time to elapse after receiving approval before announcing this news publicly.”
Mudrex, despite having just one million registered users, stands out as one of India’s largest cryptocurrency platforms. Its unique feature lies in providing index investing options through bundles of coins known as “Coin Sets,” offering a more stable alternative to speculative trading. These Coin Sets encompass various categories, including small, mid, and large-cap cryptocurrencies, along with Bitcoin (BTC) and Ethereum (ETH) within the broader spectrum. Furthermore, Mudrex offers thematic indexes, covering layer one and layer two blockchain projects, Non-Fungible Tokens (NFTs), Metaverse initiatives, and Dow trackers.
“While India is our base and where we grew up, customers abroad told us investment products there are all the same. We believe that our product is unique and has some very different offerings.”
Edul Patel, Mudrex co-founder
According to Patel, the decision to select Italy as their expansion destination was guided by a survey conducted by Italy’s securities regulator, Consob, which assessed the financial investments of Italian households. The survey provided data points that aligned well with our products, including greater risk diversification, higher gross savings, and a deeper understanding of cryptocurrencies compared to most other European Union nations. Patel explained, “We utilized this research to narrow down our choices, and Italy emerged as the most favorable choice based on practical results.”
Additionally, Mudrex reported that its entry into the Italian market was facilitated by the fact that the company had already met the necessary criteria for operating within the European Union (EU) following its acquisition of a license in Lithuania less than a year ago. During the six-month period in which it pursued registration in Italy, Mudrex’s presence in the EU expanded significantly, increasing from approximately 5,000 users to 17,000.
Patel added, “Now, we have the capability to provide our investment products through all other registered entities, including banking partner applications, and we are currently in discussions with them.”
